XML 40 R28.htm IDEA: XBRL DOCUMENT v3.24.3
Reinsurance (Tables)
 9 Months Ended
Sep. 30, 2024
Reinsurance Disclosures [Abstract]  
Schedule of Reinsurance Recoverable, Credit Quality Indicator The following tables provide (i) a disaggregation of our reinsurance recoverable balance by financial strength rating, and (ii) an aging analysis of our past due reinsurance recoverable balances as of September 30, 2024, and December 31, 2023:
September 30, 2024
($ in thousands)CurrentPast DueTotal Reinsurance Recoverables
Financial strength rating of rated reinsurers
A++$109,343 579 109,922 
A+475,190 997 476,187 
A137,194 413 137,607 
A-5,592 89 5,681 
Total rated reinsurers727,319 2,078 729,397 
Non-rated reinsurers
Federal and state pools325,080 — 325,080 
Other than federal and state pools4,679 95 4,774 
Total non-rated reinsurers329,759 95 329,854 
Total reinsurance recoverable, gross$1,057,078 2,173 1,059,251 
Less: allowance for credit losses(2,000)
Total reinsurance recoverable, net1,057,251 

December 31, 2023
($ in thousands)CurrentPast DueTotal Reinsurance Recoverables
Financial strength rating of rated reinsurers
A++$82,466 21 82,487 
A+371,132 2,887 374,019 
A111,883 1,380 113,263 
A-3,596 89 3,685 
Total rated reinsurers569,077 4,377 573,454 
Non-rated reinsurers
Federal and state pools80,506 — 80,506 
Other than federal and state pools4,488 77 4,565 
Total non-rated reinsurers84,994 77 85,071 
Total reinsurance recoverable, gross$654,071 4,454 658,525 
Less: allowance for credit losses(1,700)
Total reinsurance recoverable, net656,825 
Schedule of Reinsurance Recoverable, Allowance for Credit Loss
The following table provides a roll forward of the allowance for credit losses on our reinsurance recoverable balance for the periods indicated:

Quarter ended
September 30,		Nine Months ended
September 30,
($ in thousands)
2024202320242023
Balance at beginning of period$1,700 1,800 $1,700 1,600 
Current period change for expected credit losses300 — 300 200 
Write-offs charged against the allowance for credit losses— — — — 
Recoveries— — — — 
Allowance for credit losses, end of period$2,000 1,800 $2,000 1,800 
Schedule of Direct, Assumed, and Ceded Reinsurance Amounts
The following table lists direct, assumed, and ceded reinsurance amounts for premiums written, premiums earned, and loss and loss expense incurred for the indicated periods. For more information about reinsurance, refer to Note 9. "Reinsurance" in Item 8. "Financial Statements and Supplementary Data." of our 2023 Annual Report.

Quarter ended
September 30,		Nine Months ended
September 30,
($ in thousands)2024202320242023
Premiums written:    
Direct$1,335,475 1,214,444 $4,051,124 3,579,700 
Assumed7,611 9,087 20,009 20,058 
Ceded(185,446)(165,206)(530,771)(456,758)
Net1,157,640 1,058,325 3,540,362 3,143,000 
Premiums earned:    
Direct1,279,783 1,123,444 3,727,847 3,229,170 
Assumed6,972 8,916 18,942 21,174 
Ceded(174,527)(150,443)(503,386)(423,941)
Net1,112,228 981,917 3,243,403 2,826,403 
Loss and loss expense incurred:
    
Direct1,194,224 741,288 2,957,610 2,053,511 
Assumed6,104 8,182 17,143 19,115 
Ceded(434,670)(103,573)(579,255)(213,161)
Net$765,658 645,897 $2,395,498 1,859,465